Greeks headed to the polls yesterday to vote on their economic future, amid warnings that banks are almost out of funds and that rejection of further austerity could push the country out of the eurozone.
Greek Prime Minister Alexis Tsipras continued to urge his compatriots to vote “no,” saying that Greece could stay in the euro under better terms despite the poll result.
Most European leaders characterized the referendum as a de facto vote on euro membership and a “yes” as an easier path out of economic misery.
Photo: EPA
“Many can ignore the will of a government; no one can ignore that of a people who take life in their own hands,” Tsipras told reporters after casting his vote. “We are sending a message not only to stay, but to live with dignity in Europe.”
Voting on whether to accept spending cuts and tax hikes in exchange for a new European bailout was taking place in the most difficult circumstances faced by Greece since the nation joined the shared currency. Banks have been shuttered for a week due to capital controls imposed to stem outflows of cash, commerce has slowed to a crawl and pension payments are being rationed.
“My logic and fear tell me to vote ‘yes.’ However, I am voting ‘no’ because I think that even a small rupture is worth the risk for a better future,” said Ourania, 32, a consultant for small businesses who was voting in northern Athens.
She did not want her last name published because the vote has caused family disputes.
“I went to the ‘yes’ rally with my husband who is voting ‘yes.’ There is a lot of tension within families right now,” she said.
Polls opened at 7am in Athens and were to shut at 7pm, with a result expected by midnight.
Either outcome brings complications. It is unclear how and if the European Central Bank could extend a further lifeline to Greek lenders, whose cash reserves are nearly exhausted, after a “no” result. Such an outcome would also make it harder for Greece to reach a new aid deal with creditors.
A “yes” could force the ouster of the Tsipras administration and fresh elections, a possibility to which Greek Minister of Finance Yanis Varoufakis alluded on Thursday.
A result so close that if it is inconclusive it might only extend a stalemate that began when Tsipras called the surprise plebiscite on June 27.
Casting his own ballot in Athens, the prime minister said he was “very optimistic” for a “no” win. “Our people’s determination is beating, from what it looks like, the propaganda of fear,” he said in televised comments.
Polls in the run-up to the vote showed it was likely to be close, though voices in favor of “no” were getting louder by yesterday. A poll commissioned by Bloomberg and published on Friday showed 43 percent of voters intend to reject the creditor proposals, while 42.5 percent will accept the conditions. The survey of 1,042 people conducted by the University of Macedonia had a margin of error of 3 percentage points.
European leaders will have to spring into action as soon as a result is known, after a week in which negotiations with Greece were largely put on hold.
The ECB plans to meet today to discuss extending further liquidity to Greek banks.
The International Monetary Fund said in a report on Thursday the country needs 36 billion euros (US$40 billion) from its European partners and better terms to stand on its own again.
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